Although the Government and the Ministry of Economic Development (MER) had repeatedly announced a law on commodity reserves, whose draft was expected in April, it is still unclear when it will reach the Government, as MER has not responded to inquiries from Pobjeda.
In February, Prime Minister Milojko Spajić said that the state had limited trade margins and reacted as much as it could, adding that the government could not intervene directly. He mentioned that the first version of the commodity reserves law would be ready by early April. However, six months later, the price-control measures have expired, and there is still no draft law. Montenegro has not had commodity reserves since 2003.
Economist Stevan Gajević explained that commodity reserves can influence price stability but not automatically or long-term. Their purpose is not for the state to become a market player, but to act as a temporary stabilizer in emergencies. He emphasized that reserves are not meant as cheap supplies for citizens but as a safeguard when money cannot buy essential goods.
When shortages or price spikes occur, the state could release certain quantities from reserves to stabilize the market and reduce consumer uncertainty. However, Gajević noted that reserves are not a long-term price control tool and are expensive to maintain.
He participated in a feasibility study on the subject two years ago, saying that while the study was of good quality, the process faces political and financial challenges. Establishing reserves requires significant funds—about 21.38 million euros in the first year, including 13.83 million for goods, 2.54 million for storage and operations, and the rest for infrastructure.
Gajević believes reserves are necessary as a buffer during external shocks such as wars, supply disruptions, or natural disasters. They could also help stabilize markets by providing short-term relief during price surges. A possible model would involve the state purchasing goods from domestic producers, providing them with stable demand and ensuring food security.
He warned, however, that maintaining reserves involves high costs, logistical difficulties, and risks of spoilage or corruption. Strong management, transparency, and institutional oversight are essential to prevent inefficiency or misuse.
Montenegro could use existing military storage facilities from the former Yugoslavia with minimal adaptation. Skilled personnel, particularly those trained in logistics and storage management, could be drawn from current or former army staff.
Regional examples show that most neighboring countries have some form of commodity or strategic reserves. Serbia, for instance, maintains both. Some countries use public-private partnerships or rotational systems to keep stocks fresh and reduce costs.
Gajević also cautioned that reserves must not be used for political purposes, such as lowering prices before elections. Any intervention requires financial capacity to replenish the reserves afterward. If poorly managed, the system risks depletion and loss of effectiveness.
